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Ireland sees highest number ever employed in Multinational Sector

Written by Robert McHugh, on 3rd Jan 2019. Posted in Ireland

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Minister for Business, Enterprise and Innovation, Heather Humphreys, and IDA Ireland, the Irish Government agency responsible for attracting foreign direct investment (FDI) to Ireland, has today announced that employment levels in its client companies have reached 229,057. 
 
Fifty eight percent of employment is now outside of Dublin in 2018, which is the highest number of people employed by IDA clients outside of Dublin in the history of the organisation, with more jobs added in the regions than at any time over the past 17 years.
 
The report shows that IDA Ireland has continued to secure a substantial number of Brexit-related investments in 2018 with the overall figure now standing at over 55 for investment approved with over 4,500 associated jobs. Apart from direct employment and skills transfer, IDA Ireland’s client companies have a hugely positive effect on the local economy with over eight jobs being created for every 10 jobs in an FDI company.  

Spillovers from Multinational Company (MNC) investment directly into the Irish economy include expenditure on Irish materials and services totalling €7.5bn, an annual payroll spend of €11.7bn and capital investment of €5.7bn on new buildings and machinery and equipment. A significant part of the record corporation tax takes can also be attributed to the thriving FDI sector in Ireland.

Furthermore, the report shows that IDA Ireland’s clients are also significant employers with average salaries at €66,000 in 2017 they are consistently above national averages (€46,402). As a result foreign MNCs account for one third of total Income tax, USC and Employers PRSI paid in the state. 
 
Welcoming the results, Irish Minister for Business, Enterprise and Innovation, Heather Humphreys said, "The IDA’s record results for 2018 underline how strongly Ireland continues to perform when it comes to attracting FDI. The significant increase achieved in employment is all the more impressive considering the highly competitive global FDI marketplace in which Ireland and the IDA operate."

She added, "I particularly welcome the gains made in deepening and growing investment outside of Ireland’s main cities, with the largest regional employment growth achieved in 17 years. Fifty eight percent of all IDA client-supported jobs are now located outside Dublin, with every region of the country seeing employment gains in 2018." 
 
Source: www.businessworld.ie

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